Transactions On April 1 of the current year, Morgan Jones established a business to manage rental property. She completed the following transactions during April a. Opened a business bank account with a deposit of $40,000 in exchange for common stock. b. Purchased office supplies on account, $2,100 c. Received cash from fees eamed for managing rental property, $5,900. d. Paid rent on office and equipment for the month, $2,580. e. Paid creditors on account, $960. f. Billed customers for fees earned for managing rental property. $4,780. g. Paid automobile expenses for month, $570, and miscellaneous expenses, $290. h. Paid office salaries, $1,820. 1. Determined that the cost of supplies on hand was $1,240, therefore, the cost of supplies used was $860. J. Paid dividends, $1,720 Required: 1. Indicate the effect of each transaction and the balances after each transaction: For those boxes in which no entry is required, leave the box blank For those boxes in which you must enter subtractive or negative numbers use a minus sign. (Example: -300) Item Cash + Assets Accounts Receivable Liabilities + Stockholders' Equity Supplies Accounts Payable + Common Stock Dividends + Fees Earned Rent Sal. Expense Expense Supp. Expense Auto Expense Misc Expense a b Bal. c Bal d Bal Next